Accounting

BUILDING A BANK OF GLOBAL QUALITY
WITH A REGIONAL FOCUS
WHO WE ARE AND WHERE WE OPERATE

OUR PROGRESS

ANZ‘s
ANZ‘s history of expansion and growth stretches over 175 years.
We have a strong franchise in Retail, Commercial and Institutional banking in our home markets of Australia and New Zealand and we have been operating in Asia Pacific for more than 30 years.

ANZ
ANZ is the only Australian bank with a clearly articulated strategy to take advantage of Australia and New Zealand’s geographic, business and and cultural linkages with Asia, the fastest growing region in the world.

Today, ANZ operates in 32 markets globally. We are the third largest bank in Australia, the largest banking group in New Zealand and the
Pacifi
Pacific, and among the top 50 banks in the world.

OUR SUPER REGIONAL STRATEGY
We
We articulated our super regional strategy in late 2007. The rationale behind our strategy is simple – to deliver shareholders long-term growth and differentiated returns through connectivity with the growth markets of Asia – returns we do not believe to be available through a domestic-only strategy.
Our aspiration is for Asia Pacific, Europe & America sourced revenues to drive drive between 25 and 30% of Group earnings by the end of 2017.
Connectivity
Connectivity is at the heart of ANZ’s strategy by being part of the growth within Asia and supporting the increasing trade, investment and people links between Asia and our major domestic markets in Australia, New Zealand and the Pacific. This is reflected in the aspiration within our Institutional banking business to build the world’s best bank for customers driven by trade and capital flows in the Asia Pacific region, particularly in resources, agribusiness and and infrastructure.

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...The Accounting Information System
http://edugen.wileyplus.com/edugen/courses/crs6348/kieso978...
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CHAPTER
3
The Accounting Information System
LEARNING OBJECTIVES
After studying this chapter, you should be able to: 1. Understand basic accounting terminology. 2. Explain double-entry rules. 3. Identify steps in the accounting cycle. 4. Record transactions in journals, post to ledger accounts, and prepare a trial balance. 5. Explain the reasons for preparing adjusting entries. 6. Prepare ﬁnancial statements from the adjusted trial balance. 7. Prepare closing entries. 8. Differentiate the cash basis of accounting from the accrual basis of accounting. 9. Identify adjusting entries that may be reversed. 10. Prepare a 10-column worksheet. 11. Apply IFRS to the accounting information system.
Needed: a Reliable Information System
Maintaining a set of accounting records is not optional. Regulators require that businesses prepare and retain a set of records and documents that can be audited. The U.S. Foreign Corrupt Practices Act, for example, requires public companies to “… make and keep books, records, and accounts, which, in reasonable detail, accurately and fairly reﬂect the transactions and dispositions of the assets. …” But beyond these two reasons, a company that fails to keep an accurate record of its business transactions may lose revenue and is more likely to operate inefﬁciently. One reason accurate records are not provided is because of......

...and resources most accountancy students fail because “accounting assignments/problems are very time consuming and sometimes not easy to understand” (Francisco Vazquez, 2012). And those students don’t want their minds to explode and waste their time to come up with an answer or solution that they choose to play video games or surf the net than answering their math question/s.
And these are also some habits why most accountancy students fail:
1. Not Attending Class
2. Not Doing Assignments
3. Not Taking Notes
4. Relying on Other Students
5. Not Managing Time Well
6. Procrastinating / Doing Last Minute Work
7. Not Following Instructions or Directions
8. Not Participating in Class
9. Mind-Blocking / Negative Thinking
10. Blaming Your Teacher
And these are some explanation for some habits why most accountancy students fail based from the opinion of the author.
1. Not Attending Class. This one can really get my goat. I mean, the subject is not really that easy (especially if this is the first time you’re taking accounting, it’s almost like a foreign language to you) and if you don’t attend it, what will you really learn? Nothing beats attending class religiously to hear and see everything firsthand.
2. Not Doing Assignments. Now this they do all the time. As if they can pass if they don’t do their assignments. Personally, I think the only way to get good results from an accounting subject is to do the exercises and assignments......

...Comprehensive income can be calculated by summing the net income and other comprehensive income. Other comprehensive income is basically the net effect of accounting transactions, which sidestep the income statement and are identified directly in equity. Examples for such other comprehensive income are gains/losses on available for sale securities, unrecognized actuarial gains/losses, change in revaluation surplus, etc. Accumulated other comprehensive income is the accumulated change in equity (gains/losses) since the start of business due to accounting transactions that are directly accounted for in equity.
The general purpose of the statement of comprehensive income helps financial statement users evaluate the past financial performance of a company and provides them a basis for predicting future performances. Financial statement users need this information to assess potential changes in the entities economic resources and its ability to generate cash from those resources. Financial statement users can also use this information to evaluate how any additional resources might be effectively used. This statement requires all income statement items to be reported either as a regular item in the income statement or a special item as other comprehensive income.
Income is defined as increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating......

...WHAT IS ACCOUNTING?
Identify
Communicate
What is the purpose of accounting ?
Measure
Record
9
3
8/13/2014
WHAT IS ACCOUNTING?

Accounting information is important because it…
 Assists
decision making  Provides information about the past, present and future performance of an entity  Measures business activity
10
WHO USES ACCOUNTING DATA?
Internal users External users  Managers who plan,  Investors who make organise and run the decisions to buy, hold or business sell shares  e.g., marketing  Creditors who evaluate managers, production risks of giving credit and supervisors, chief lending money financial officers, other  e.g., suppliers, bankers employees  Government and regulatory bodies

e.g., ATO, ASIC
11
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)
In order to measure, process and communicate financial information, accountants follow rules, principles and standards.  These rules, principles and standards are set by
    
International Accounting Standards Board (IASB) Australian Accounting Standards Board (AASB) Financial Reporting Council (FRC) Australian Securities & Investment Commission (ASIC)
12
4
8/13/2014
SOME PRINCIPLES AND ASSUMPTIONS
Time period •Economic information can be captured and communicated over short periods of time
Monetary unit assumption •Only data that can be expressed in terms of money is included in the accounting records
Economic entity assumption •Can be......

...
AN OVERVIW OF CREATIVE ACCOUNTING AND WINDOW DRESSING
Introduction:
Every organization is expected to operate within the confinement of best practices or core competence at least, which has tendency of leading them to distinctive competence or exceptional practice. Since business operations center basically on finance, firms therefore take the accounting records of their organizations very serious as it determines their stay in industry or extinction from the market (business operations). It is for the purpose of staying in business that firms have devised means to do so. It is necessary therefore to state that firms either do so legally or some do so illegally. This thus, brings one to the concept of creative accounting and window dressing.
THE CONCEPT OF CREATIVE ACCOUNTING AND WINDOW-DRESSING
Creative Accounting
Creative accounting, also called aggressive accounting, Hollywood accounting, earnings management, or cooking the books, is the manipulation of financial numbers, usually within the letter of the law and accounting standards, but very much against their spirit and certainly not providing the “true and fair” view of a company that accounts are supposed to. Creative accounting is almost aliened with tax avoidance. It is such that legal means are used to manipulate the accounts of a firm such that even though they are legal, they can present a false view about the firm’s financial statement. A typical aim of creative accounting will be to inflate profit figures.......

...Accounting Practices
Name: XXXXXXXX oooo
Accounting I-ACC100
Professor XXXXXXXXX
Date: XXXXXXXXX
Accounting Practices
The year is 2011, and this country has been nearly crippled financially with the corporate accounting scandals. One of the most famous is the scandal of Enron, Waste Management, WorldCom, Qwest Communications, Health South Corporation, and then the infamous Bernard L. Madoff Investment scandal. The Medoff Ponzi scheme robbed millions of hard working people of the savings. This is considered to be the largest investment fraud ever committed by one person. This all lead to the new and enhanced accounting standards which is called the Sarbanes-Oxley Act of 2002.
Analyze the new or enhanced standards for all U.S. public company boards, management, and public accounting firms that the SOX required.
The Sarbanes-Oxley Act of 2002 (Pub. L. No. 107-204, 116 Stat. 745) is also known as the Public Company Accounting Reform and Investor protection Act of 2002 and is simply referred to as SOX. This Federal law was passed in response to many corporate scandals which was mentioned in the abstract (Consulting, 2011).
The public trust in accounting standards diminished, and everyone was pulling their money out of their investments which initiated the recession we are currently in. With the implementation of SOX the public is slowly regaining their trust on accounting practices, by simply knowing there is oversight. This wide ranging legislation has......

...UNIVERSITY OF EDUCATION WINNEBA
COLLEGE OF TECHNOLOGY EDUCATION KUMASI
NAME : ASSEM GABRIEL AKROFI
PROGRAMME : BSc (ACCOUNTING EDUCATION)
LEVEL : 100
CLASS : B
SUBJECT : ACCOUNTING
COURSE CODE : ACC 111
NAME OF LECTURER : J.Y DWOMMOR
INDEX NUMBER : 5151010092
QUESTION
With the introduction of computer, accounting as an area of studying has out lead its importance because with two or three weeks of training, a computer programmer can prepare financial statement using computer application.
A. What extend do you agree or disagree with this statement?
B. In not less than two and less than five pages, write an essay on this issue.
SOLUTION
I disagree with the motion that a computer programmer can prepare financial statement on his own. To set the issue burning, let us consider who an accountant is and the role he or she performs in an organization as compared to a computer programmer.
An accountant is anyone who monitors and records the flow of money through a business or an organization. He or she verify the accuracy of all monetary transactions and to make sure that all these are legal and follow correct guidelines. Accountants may choose to work private individuals and help them with their financial decisions, tax returns or other money related issues. The accountant practises accountancy and accounting which is the disclosure, measurement or provision of assurance about financial information which help investors, tax authorities,......

...Cost & Management Accounting Reporting System -Necessity, Role & Control Framework: An Analysis
Management & Cost Accounting Reporting Systems are interwoven in the management processes of all well managed organizations across the globe. The necessity of such reporting systems is going to increase in future as the market-place become highly competitive and organization functions become more complicated and inter-twined. This fact also brings to fore the necessity of a common control framework to monitor this system so that it can contribute effectively and efficiently to the pre-determined organizational goals.
What is Cost & Management Accounting Reporting Systems?
Cost Accounting Reporting System deals with the process of tracking, measuring, recording and classifying the appropriate allocation of expenditure (financial and non-financial) for the determination of the cost of product or service in an organization and for the presentation of suitably arranged data for the purpose of control and guidance of management ( Horngren et al, 2010). Costs are measured in terms of Direct Costs, Indirect Costs and Overhead / Absorbed Costs. Managers use cost accounting to support decision making to reduce a company's costs of products and services and improve its profitability.
Management Accounting Reporting System is concerned with the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of financial and......

...Accounting or accountancy is the measurement, processing and communication of financial information about economic entities.[1][2] The modern field was established by the Italian mathematician Luca Pacioli in 1494.[3] Accounting, which has been called the "language of business",[4] measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators.[5] Practitioners of accounting are known as accountants. The terms 'accounting' and 'financial reporting' are often used as synonyms.
Accounting can be divided into several fields including financial accounting, management accounting, auditing, and tax accounting.[6]Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers;[7] and management accounting focuses on the measurement, analysis and reporting of information for internal use by management.[1][7] The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.[8]
Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and......

...The future of the accounting profession will be a period of increased change and continuous development. The industry will require new levels of business flexibility and competition will intensify because new industry entrants will outsource and automate accounting, audit, and tax professionals, especially for routine and lower-value services. Financial service companies, banks, software and Internet firms will soon offer an increasing amount of accounting and tax-related products and services. Outsourcing to lower-cost countries will also continue to grow in the future. India, for example, already attracts global accounting work and other countries are moving into this field. Seeing opportunity, the government has targeted accounting outsourcing as a growth industry.
Globalization will require accounting professionals to master new skills, knowledge, and standards as a growing number of clients operate across borders. The U.S. Securities and Exchange Commission has issued a plan to require U.S. companies to issue financial statements to the International Financial Reporting Standards (IFRS) by 2015. This means that practitioners will be required to gain expertise in both the U.S. Generally Accepted Accounting Principles (GAAP) and IFRS reporting standards. In addition to the changes brought by IFRS, other legal requirements will continue to expand as governments at all levels increasingly require accounting professionals to help with agreements. Even accounting......

...
THEORY OF ACCOUNTS
ACCOUNTING CONCEPTS
1. Which of the following statements is/are true?
I. Accounting is a service activity intended to fulfill a useful function in society
II. Accounting involves the art of recording, classifying and summarizing transaction and events, and interpreting the results thereof.
III. Accounting is an art but not a science
IV. Accounting provides quantitative financial information intended to be useful in making economic decisions
a. I, II, III, IV c. I, II, IV
b. I, II, III d. II, III, IV
2. The branch of accounting concerned with the presentation of financial information primarily for use of third person outside of business enterprise.
a. Financial Accounting c. Government Accounting
b. Management Accounting d. All of the above
3. Accounting is an art because
a. of the existence of a body knowledge governing accounting practice
b. of accounting theory
c. the necessity of applying creative skill and ability
d. None of the above
4. Financial accounting is the branch of accounting that focuses on
a. special purpose reports of financial position and results of operations
b. financial statements
c. the various need of statement users
d. general purpose reports of financial position and results of operations
5. General-purpose information is
a. not intended to satisfy the specialized needs of individual users.
b. intended to satisfy the specialized needs of individual users
c. not intended to satisfy the...